Central Parking Corporation United Kingdom Subsidiary Commences Operations of Westminster Municipal Parking Portfolio

NASHVILLE, Tenn.--(BUSINESS WIRE)--March 22, 2006--Central Parking Corporation (NYSE:CPC) today announced that its United Kingdom subsidiary has commenced operating the off-street parking portfolio for the City of Westminster in Central London.
"Westminster are very much looking forward to working in partnership with CPS who share our vision to make our car parking service the best of its kind in the UK," said Westminster's Kevin Goad, Head of Parking Operations.

"The City of Westminster's parking portfolio is the premier municipal parking portfolio in the UK," said Emanuel Eads, President and Chief Executive Officer of Central Parking Corporation. "All of the major parking operators in the UK competed to win this contract. I believe our track record of successfully managing municipal parking operations and our commitment to delivering outstanding customer service were important factors in our selection to manage these facilities.

"This contract demonstrates the continuing vitality of our UK operations and is entirely consistent with the previously announced strategic plan for our UK operations, which is to exit the transportation business and re-focus our remaining operations on the on-street enforcement, airport and municipal segments. These are our target markets in the UK and the ones in which we have experienced the most success," Mr. Eads concluded.

Central Parking Corporation, headquartered in Nashville, TN, is a leading provider of parking and transportation-related services. As of December 31, 2005, the Company operated more than 3,300 parking facilities containing over 1.5 million spaces at locations in 37 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Peru, Colombia, Venezuela, Germany, Switzerland, Poland, Spain and Greece.

This press release contains historical and forward-looking information. The words "believe," "plan," "goal," "expect," "guidance," "looking ahead," "assumptions," "estimates," "anticipates," "outlook," "intend," "continue to expect," "should," "project," "objective," "outlook," "forecast," "will likely result," or "will continue" and similar expressions identify forward-looking statements. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company believes the assumptions underlying these forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in the forward-looking statements. The factors that may result in actual results differing from such forward-looking information include, but are not limited to: the Company's ability to achieve the goals described in this release and other communications, including but not limited to, the Company's ability to implement its strategic plan, maintain reduced operating costs, reduce indebtedness and sell real estate at projected values as well as continued improvement in same store sales, which is dependent on improvements in general economic conditions and office occupancy rates; the loss or renewal on less favorable terms, of management contracts and leases; the timing of pre-opening, start-up and break-in costs of parking facilities; the Company's ability to cover the fixed costs of its leased and owned facilities and its overall ability to maintain adequate liquidity through its cash resources and credit facilities; the Company's ability to comply with the terms of the Company's credit facilities (or obtain waivers for non-compliance); interest rate fluctuations; acts of war or terrorism; changes in demand due to weather patterns and special events including sports events and strikes; higher premium and claims costs relating to the Company's insurance programs, including medical, liability and workers' compensation; the Company's ability to renew and obtain performance and surety bonds on favorable terms; the impact of claims and litigation; and increased regulation or taxation of parking operations and real estate.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release or to reflect the occurrence of unanticipated events. We have provided additional information in our Annual Report on Form 10-K for our fiscal year ended September 30, 2005, on Form 10-Q for the quarter ended December 31, 2005, filed with the Securities and Exchange Commission and in other filings with the Securities and Exchange Commission, which readers are encouraged to review, concerning other factors that could cause actual results to differ materially from those indicated in the forward-looking statements.
  • Join our community for FREE today!

  • Create and share your own profile

  • Join the discussions

  • Publish your own items

  • Subscription to our Weekly eNewsletter

your benefits?

Get connected with parking professionals worldwide

Create your account

Sign in with LinkedIn Close

FREE membership benefits

  • * create and share your own profile
  • * join the discussions
  • * publish your own items on parking-net.commanage news, jobs, tenders, companies, events, showcases, educations, associations and literature.
  • * subscribe to our weekly eNewsletter
Add news yourself


There are no comments yet for this item

Join the discussion

You can only add a comment when you are logged in. Click here to login